With reference to Account Aggregator (AA) Network, consider the following statements:1.It helps an individual securely and digitally access and share information from one financial institution that they have an account with any other regulated financial institution in the AA network.2.It is regulated by the Insurance Regulatory and Development Authority (IRDA).3.An Account Aggregator is a type of non-banking financial company.Which of the statements given above are correct?

Q. With reference to Account Aggregator (AA) Network, consider the following statements:
1.It helps an individual securely and digitally access and share information from one financial institution that they have an account with any other regulated financial institution in the AA network.
2.It is regulated by the Insurance Regulatory and Development Authority (IRDA).
3.An Account Aggregator is a type of non-banking financial company.
Which of the statements given above are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: C

Notes:

Explanation –

Statement 1 and 3 are correct. AA helps an individual securely and digitally access and share information from one financial institution that they have an account with any other regulated financial institution in the AA network. An Account Aggregator is a non-banking financial company.

Statement 2 is incorrect. AA is regulated by the RBI.

Source: ForumIAS

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